The U.S Gross Domestic Product has declined nearly 6 percent since last year alone - a decline not seen since the the late 1930s.
Now financial experts and average Americans are looking for someone or something to blame.
Steve Forbes, president and chief executive officer of Forbes and editor-in-chief of Forbes Magazine appeared on "The 700 Club" Monday to discuss how the U.S. economy is experiencing the consequences of major economic policy error and what can be done to get the economy back on track. Click play to watch the interview.
Massive spending by the Obama administration, corporate bailouts for companies deemed "too big to fail," and greedy ponzi schemes have Americans questioning if the U.S. has outgrown capitalism.
A year after the stock market crash, capitalism continues to get the blame for causing what may be the worst economic crisis since the Great Depression.
However, authors Steve Forbes and Elizabeth Ames say, "Don't blame capitalism." Blame the bad rap given to capitalism for the world's economic troubles.
In their new book, How Capitalism Will Save Us, they say more government is not the answer.
They claim that government solutions historically:
- Reduce prosperity, lower living standards, and benefit small sectors of society.
- Instead of catering to the people, government regulations cater to political interests.
Ames and Forbes say without free-market capitalism, Americans face a "new normal," which they define as a life without prosperity, fairness, or choice.
*Originally published December 14, 2009